Friday, 28 November 2014
Last updated 3 hours ago
May 7 2014 | 11:04am ET
Hong Kong’s Securities and Futures Commission today moved to bar two former Tiger Asia Management executives from trading in the city.
Tiger Asia founder Bill Hwang, former head trader Raymond Park and the firm itself should be forbidden from trading in Hong Kong for up to five years, the SFC told Hong Kong’s Market Misconduct Tribunal. Tiger Asia pleaded guilty in the U.S. to insider-trading of two Hong Kong-listed stocks, and last year lost its effort to keep the SFC from barring the firm and its principals.
Since the guilty plea, Tiger Asia has become a family office called Archegos Capital Management, which still employs both Hwang and Park. “The potential still exists for market misconduct,” SFC lawyer Simon Westbrook said.
Archegos laywer Peter Duncan argued that trading bans were designed to protect investors and not to punish misconduct. The so-called “cold shoulder order” would be “unduly harsh and oppressive,” he said.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...